IOOF has announced its interim results for 2016, demonstrating an underlying net profit boost of 18% to $95.4 million.
IOOF's statement cited some of the drivers of this as being the successful integration of Shadforth, which resulted in $11 million in pre-tax cost synergies, and the lowered exposure to "volatile institutional funds flow" following the divestment of Perennial.
The company has declared a fully franked interim dividend of 28.5c per share, to be paid on April 7.
"This is another strong result with all of our businesses highly profitable and performing well. The integration of Shadforth has been a resounding success in terms of diversifying our revenue base combined with our consistent delivery on expense management," said IOOF managing director Chris Kelaher.
"The most pleasing aspect of the Shadforth integration has been the way we've combined its unique, and valued, client-centric professionalism with IOOF's efficiency and discipline. It demonstrates that the best aspects of our businesses are quickly adopted elsewhere for the benefit of clients, advisers and shareholders alike.
"That this result has been achieved against a back drop of continued significant deployment of resources to mandatory legislative initiatives, such as ATO Reporting, MySuper and Superstream, is testament to the dynamism and flexibility of our staff. They have performed incredibly well and I am confident that will continue to be a feature of our success."
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